Hyosung Vina Chemicals out to syndication with Kexim/KDB deal

Vietnam based Hyosung Vina Chemicals (a subsidiary of Hyosung) is out to Korean and international lenders for a $1 billion loan. Kexim and Korea Development Bank (KDB) are mandated lead arrangers and bookrunners for the six-year term loan. General syndication was launched on 12 April and banks have until 16 May to make commitments.

The margin on the deal is set at 240bp over three-month Libor and lenders can participate on three levels. Mandated lead arrangers with commitments larger than $50 million can earn a fee of 60bp with an all-in price of 252bp, lead arrangers with commitments between $35 million and $49 million can earn a 25bp fee for a 245bp all-in price, and arrangers with commitments between $20 million and $34 million can make 15bp for a 243bp all-in price – average life is five years. Proceeds will fund capex for new chemical plant projects in Vietnam.